Brait, the investment company in which Christo Wiese is the biggest shareholder, announced on Friday that it will spend more than R1.1bn to bailout executives as it unwinds a structure that was implemented in 2011 to incentivise a select group of executives. This comes after an 86% drop in the company’s share price over the past three years dragged by its failed UK venture. It lost 4.9% on Friday to R23.85. In addition to the bailout, the company will spend about R900m to acquire the shares that were provided as collateral for the indemnity Brait had provided to the borrowers when the deal was refinanced in 2014 and 2015. The original deal saw Brait lend a group of executives R1.2bn in 2011, which together with R300m provided by the executives, allowed them to buy R1.5bn of Brait shares. This gave them an 18% stake in the company through a private entity called Fleet, and would allow them to benefit handsomely were the share price to rise. The deal was refinanced in 2014,when Firstr...

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